Give Your Kids an 850 Credit Score
Set 'em up Right, for Free!
GIVE YOUR KIDS A PERFECT 850 CREDIT SCORE
#ProTip: Consider adding your kids as Authorized Users on a Credit Card that allows it. It takes all of five minutes. Put payments on automatic to make sure you're always on time, and they will be reported to your KIDS credit profiles too! Yes, You can have an 18 year old with 10+ years of perfect credit history by the time he or she is ready to launch.
I use Walmart's card (Cap One), with a limited ($500) limit, and I keep all the cards. You can add all your kids as "authorized users" online via the website, and get 5% off as well.
You will save them TENS OF THOUSANDS of dollars in car payments, mortgage payments, and enable them to get approved for deals (and even careers!) that others can’t touch. Calculate the difference between a 5% (top credit score)mortgage rate for 30 years, and an 8% (average credit score). It’s over 100k on a 400k home. THANKS MOM AND DAD! (Rates will change, but the spread between good scores and bad scores remains)
Set 'em up for a head start. Yes you can!
Like this idea?
Maybe you subscribe? :)
*note that it can work both ways, of course… you could hurt their credit if you are spendthrift or delinquent, or don't pay at least the minimum on time. So handcuff yourself by
1) setting low limit (250-500 bucks maybe)
2) automatic minimum monthly payment from your bank account
3)You hold on the all the cards
The Walmart card is especially good IMHO because it can only be used there, or online at Walmart.com, which keeps you from blowing the limit (and your kids shiny new credit score) in Vegas.
Wishing your kids the proverbial “embarrassment of riches” and the legacy of a plan well executed !
“You can't have Everything. Where would you put it?”
-the Richest Man in Babylon
Bonus for those who just unsubscribed:
“Money Buys Nothing!”
(Alan Alda in Wanderlust, one of my favs. Watch it tonight!)
Three easy things to do this Weekend: 1)add your kids as authorized users to build their credit (see post) 2) sign up for CreditKarma.com to monitor and optimize your credit, student loans, etc 3)Sign up for Social security website access no matter your age, so you can understand what you're dealing with, how to maximize it, monitor it.
BONUS!
HAVE YOU OPENED YOUR FREE SOCIAL SECURITY ACCOUNT YET?
Regardless of your age, take 2 minutes to create your online account with the SSA here. You'll be glad you did.
You'll be able to see (and correct?) your critical last 35 years of earnings, estimated benefits, and how much more the monthly payment will be if you wait to activate, as well as your spousal estimated benefits.
This is FUNDAMENTAL to the "fixed income" base of your retirement planning, yet most have never taken the time. Do it! Click below:
https://www.ssa.gov/prepare/plan-retirement?gclid=Cj0KCQjwxuCnBhDLARIsAB-cq1rivIbVwdFiwjptFhOLcQKGuCp4aoQ-iA4uMlphVayREtxT9YwD6zgaAr3zEALw_wcB